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China to invest $14bn in S. Africa

Many agreements were signed between China and South Africa during Chinese President Xi Jinping’s state visit. This includes nearly $15 billion in investment for the African country. The two countries also vowed to strengthen economic ties.

China and South African relations have developed into a comprehensive, strategic partnership. The two countries have witnessed increasing political mutual trust, practical cooperation, people-to-people exchanges and strategic coordination. They’ve now pledged to draw a new blueprint for further developing bilateral relations.

“We have full confidence in the bright prospects of our cooperation and friendship going forward. The president and I both believe that our two parties and countries are good friends, good partners, good brothers and good comrades,” Xi said.

“We must continue to view our bilateral relationship from a strategic height and to continue to push forward our collaboration with the long term perspective.”

China is South Africa’s largest trading partner, while South Africa is China’s largest trading partner in Africa. Both presidents emphasized the need to ensure that citizens from both countries should directly benefit from the relations.

The two leaders have also pledged to build cultural centers in both countries. President Ramaphosa is expected to pay a state visit to China later this year. He will also attend the Forum on China-Africa Cooperation Summit in Beijing later this year.

South African President Cyril Ramaphosa said on Tuesday that China would invest $14 billion in the country. The statement came after Ramaphosa held talks with President Xi Jinping in Pretoria on the eve of a multilateral summit, AFP reported. Ramaphosa came to power in February pledging to revive the economy and attract investors after Jacob Zuma was ousted from office at the end of a nine-year reign dominated by graft scandals and low economic growth. “We have signed several agreements and memorandums of understanding that are intended to further deepen our relations, including investment commitments to the value of $14 billion,” Ramaphosa said. Among the deals signed on Tuesday was a $2.5 billion loan to South Africa’s state-run power company Eskom, which is burdened by massive debts.